November is Financial Literacy Month. We invite you to discover how God's Word offers practical guidance for managing money, reducing debt, building financial security and preparing for whatever life brings.
Let's talk about money. Not just how much we earn or spend, but how much we really understand about it. Do you know what your investments are earning? How much interest you're paying on your credit cards? Whether you're saving enough for retirement? Or what would happen to your financial situation if your marriage, career or circumstances suddenly changed?
For many women, these aren't easy questions to answer and yet, they are among the most important questions we can ask ourselves.
November is Financial Literacy Month in Canada, and this year's national campaign is encouraging Canadians to do something that doesn't always come naturally: talk openly about money. And that is an especially important conversation for women.
Research from Statistics Canada has historically shown that women tend to score lower than men on financial knowledge assessments and are less confident in their ability to make investment decisions. But here's something interesting: more recent research from the Financial Consumer Agency of Canada found that women participating in a financial-confidence study underestimated their own financial knowledge by 23.5%. In other words, we may know more than we think! We just need the confidence to put that knowledge into action. And the stakes are significant.
Research has also found that women often experience greater financial losses than men following divorce or separation. For women who have spent years prioritizing their families, raising children or relying on a spouse to handle long-term financial decisions, an unexpected change in circumstances can be particularly difficult. Add today's cost of living to the equation, and the importance of financial literacy becomes even clearer. A September 2026 report from the Bank of Canada found that although inflation has slowed, many Canadian households continue to struggle with higher prices. Younger and lower-income households have been particularly affected, with expenses outpacing income gains for many.
So, what can we do?
We can start by becoming more intentional about the money entrusted to us. And perhaps surprisingly, some of the most practical financial advice we can follow today has been in the Bible all along. Scripture doesn't promise that every faithful person will become wealthy but it does offer valuable principles about stewardship, planning, debt, saving and generosity that can help us make wiser financial decisions.
Here are five worth putting into practice.
1. Know What You Have and Where It's Going
"Be sure you know the condition of your flocks, give careful attention to your herds." Proverbs 27:23
Most of us don't have flocks or herds to manage. But we do have bank accounts, credit cards, mortgages, savings and investments. The principle is the same: pay attention to what has been placed under your care. It's surprisingly easy to lose track of our money. A subscription here, a takeout meal there, an automatic renewal we forgot about. Individually, these expenses might seem insignificant. Together, they can make a meaningful difference to our financial health. Stewardship goes beyond tracking expenses. It means understanding our complete financial picture, including our assets, debts, savings and financial obligations. This is especially important for women who share finances with a partner. Even if your spouse handles the bills or investments, you should know where your money is held, how it's invested and what financial commitments exist. Being financially informed isn't about mistrust. It's about responsibility.
Put it into practice: Set aside 30 minutes this week to review your finances. List your monthly income, fixed expenses, outstanding debts, savings and investments. Check your banking and credit card statements for recurring charges you no longer need. If you share finances with a spouse, make financial reviews something you do together. You can't make informed decisions about money you don't fully understand.
2. Make a Plan Before You Spend
"The plans of the diligent lead to profit as surely as haste leads to poverty." Proverbs 21:5
Budgeting doesn't sound particularly exciting, does it? For many of us, the word conjures up images of spreadsheets, restrictions and having to say no to everything we enjoy. A budget isn't meant to take away your freedom, it's meant to help you decide what matters most.
Without a plan, it's easy to spend on what's immediately appealing rather than what will serve us in the long run. And, with the holidays approaching, that temptation can become even greater. Proverbs reminds us of the value of diligence and thoughtful planning. We don't have to make every financial decision perfectly, but we do need to make them intentionally.
Start with your after-tax income. Subtract essential expenses such as housing, groceries, transportation and insurance. Then account for debt repayment, savings and other financial priorities before deciding how much is available for discretionary spending. Remember: A realistic budget should include some room for enjoyment. A plan that's impossible to maintain isn't much of a plan at all.
Put it into practice: Create a spending plan for November and December. Set a Christmas budget now, including gifts, entertaining, travel and charitable giving. If your household brings home $5,000 per month and spends $5,200, you have a $200 shortfall to address. Finding it early gives you options. Discovering it when your credit card statement arrives in January does not. The goal isn't to eliminate every pleasure. It's to make sure today's spending doesn't compromise tomorrow's security.
3. Don't Let Debt Control Your Life
"The rich rule over the poor, and the borrower is slave to the lender." Proverbs 22:7
Debt has become such a normal part of modern life that we sometimes forget how much it can cost us. Mortgages, car payments, lines of credit, credit cards and buy-now-pay-later purchases can all compete for a portion of our income before we've even had the opportunity to decide how to use it. Not all borrowing is necessarily unwise. A manageable mortgage, for example, may help a family purchase a home but debt becomes a problem when it limits our choices, consumes our income or creates constant financial anxiety.
Consider a credit card balance of $5,000 with a 20% annual interest rate. If that balance remained unchanged, the interest would amount to approximately $1,000 over a year. That's $1,000 that could otherwise be directed toward savings, retirement, family needs or something you genuinely value and while debt can feel overwhelming, progress doesn't require paying everything off at once. Start by understanding what you owe, what each debt costs and which balances deserve the most urgent attention.
Put it into practice: Write down every debt you have, including its balance, interest rate and minimum monthly payment. Consider prioritizing the debt with the highest interest rate while maintaining required payments on everything else. This approach can reduce the total interest you pay over time. If debt has become unmanageable, seek guidance from a reputable, qualified credit counsellor. Remember: The objective isn't simply to owe less money, it's to regain control over more of your financial future.
4. Prepare for Tomorrow, Even If You Can Only Start Small
"Go to the ant, you sluggard; consider its ways and be wise! ... it stores its provisions in summer and gathers its food at harvest." Proverbs 6:6–8
There's something remarkable about the ant. It doesn't wait until winter arrives to begin preparing for it and that's an important financial lesson for all of us. Emergencies rarely arrive at convenient times. A furnace breaks down, a job disappears, a family member needs help, or household expense change our plans. Having money set aside can make these situations easier to navigate but preparing for the future means more than establishing an emergency fund. It also means thinking about retirement, understanding your investments and allowing your savings the opportunity to grow over time.
This is an area where women need to be particularly proactive. Many women face interrupted careers, periods of reduced earnings while caring for family members and the possibility of spending more years in retirement. That makes financial planning especially important and you don't have to be wealthy to begin. Saving just $25 a week amounts to $1,300 over a year, before any interest or investment returns. Over time, consistent contributions can become a meaningful financial resource. For Canadians, registered accounts such as TFSAs and RRSPs can offer tax advantages, although the right choice depends on your income, goals and circumstances. It's also important to understand that an account is not an investment strategy in itself. What you hold inside it matters.
Put it into practice: Set up an automatic transfer to a dedicated savings account, even if it's only $10 or $25 a week. If you don't have an emergency fund, make that an early priority. Then review your retirement savings and investments with a qualified financial professional who can explain your options, risks and fees. Don't simply assume your money is working for you. Find out! If you've left investing entirely to your spouse or someone else, make this the month you begin learning how your investments work.
Financial independence starts with financial understanding.
5. Give Generously, But Don't Confuse Blessing With Wealth
"God loves a cheerful giver." 2 Corinthians 9:7
When we talk about biblical financial principles, generosity deserves a place in the conversation. Throughout Scripture, we're encouraged to give, care for those in need and recognize that what we possess is not meant solely for ourselves. Generosity isn't about impressing others or giving beyond our means to prove our faith. In 2 Corinthians, Paul encourages believers to give thoughtfully and willingly, rather than reluctantly or under pressure. That's an important distinction, particularly as we approach the Christmas season.
It's possible to be generous without spending extravagantly. Sometimes our most meaningful gifts involve time, encouragement, hospitality or practical assistance rather than money. It's also worth remembering that financial blessing isn't always measured by the size of our bank accounts. A person can earn a substantial income and still live under enormous financial pressure. Someone with more modest means may experience a greater sense of contentment, security and freedom because of the choices they've made. The Bible reminds us that wealth is not the ultimate measure of a successful life and perhaps that's one of the most valuable lessons of all.
Put it into practice: Decide what generosity looks like within your current financial circumstances. Consider setting aside a manageable amount for charitable giving, supporting someone in need or finding meaningful ways to give that don't require spending money. At the same time, identify one area where comparison or pressure may be influencing your spending.
Being grateful for what we have can help us make better decisions about what we truly need.
Financial Wisdom Is About More Than Money
We live in a world that constantly encourages us to spend more, upgrade more and want more and yet, some of the most important financial principles are remarkably straightforward: know what you have, make a plan, manage your debt, prepare for the future and give with intention. None of these principles requires a six-figure income. They do, however, require us to take responsibility for our financial decisions.
For women, that responsibility can be particularly empowering. Whether you're single, married, raising a family, building a business, approaching retirement or starting over after a significant life change, understanding your finances gives you more choices and greater confidence. And it's never too late to begin! You don't have to master investing overnight. You don't have to eliminate every debt this month and you certainly don't have to have all the answers. Start with one principle. Take one practical step. Ask one question you've been hesitant to ask.
This November, as Canadians are encouraged to talk about money, perhaps it's time we became more comfortable doing exactly that — with our spouses, our children, our friends and the financial professionals we trust because financial literacy isn't simply about knowing how money works. It's about having the wisdom and confidence to make it work toward the life and future we're building. And that's a blessing worth pursuing.
ARE THERE TOPICS ABOUT MONEY OR FINANCES THAT YOU’D LIKE TO LEARN MORE ABOUT? EMAIL US at Editorials@BEmagazine.ca.
